"Teaming up with Interra is consistent with our strategy of exploring high probability targets while minimizing financial risk," said Luc Desmarais, JSX's President & CEO. "Together we stand a much greater chance of unlocking the full potential in the Mae Sot and other basins within our concessions, all of which are situated in close proximity to the Country's most productive onshore oilfields," he added.
Under the terms of the agreements, Interra will fund 100% of the US$4.3 million committed operating expenses required to complete the 3-year exploration programs, in exchange for a 50% participating interest. The entire funding commitment was backed up with irrevocable bank guarantees in favor of the Thai Government, ensuring full performance and a continuous work program until the year 2010. The total spending on the concessions may exceed US$15 million over the first & second exploration programs with expenditures above US$4.3m to be funded proportionally by JSX and Interra.
Interra Resources is an experienced operator with oil production onshore Indonesia and in central Myanmar and their common shares trade on the Singapore Exchange Securities Trading Limited.
JSX Energy is an aggressive exploration company focused on high growth opportunities in Thailand's petroleum sector. Management is comprised of leading experts in Thailand's energy Industry who have positioned the Company to benefit from revised government policies designed to increase domestic production.
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